Technology is all around us. It has upended nearly every industry, from banking to healthcare, from manufacturing to retail. These changes are all good when you consider the benefits they offer for society and businesses - but it also means that companies often need to change far faster than in the past.
The next steps for your business will require a shift in focus - instead of just focusing on what's happening now, you'll have to consider how this will affect your company tomorrow and five years out. Consider the following 4 steps that will help you take your business to the next level:
1. Buying Versus Creating
It has already been noted in this article that "companies investing in new technology and new products need to be aware that more often than not, they'll be working against a tidal wave of disruption." But it's also true that there are times when companies can choose to invest in new technologies over creating them. In fact, many of the newer jobs require a focus on creativity and/or innovation as opposed to just analysis.
For instance, when Facebook first began allowing advertisers to target specific audiences during the 2008 Presidential campaigns, politicians and other advertisers were unimpressed with this new technology. This was not because the targeting wasn't accurate; in fact, it was very accurate. Rather, it was more of a reaction to the fact that what Facebook and all this other new technology represented - the democratization of information and technology - threatened politicians' control of their own message.
2. User-Centered Designs
One of the latest trends in business is user-centered design (UCD) . This means that companies are now targeting users as their primary audience, rather than having their customers be anonymous or faceless non-users. UCD uses research findings to allow for the creation of products based on what makes people happy and what they need (as opposed to what will make you money).
3. Adaptive Culture
Another factor that is making the future more dynamic and unpredictable is the growing number of new technologies, whether it's social media, mobile devices, or AI. The constant changes in these new technologies require companies to be adaptive - to respond not only to what's happening now but also to what will happen in the future.
4. Driving Social Responsibility With Your Customers
Today the customer is king - but tomorrow it will change yet again as customer-created social responsibility becomes a key differentiator for businesses and products alike. There will be times when consumers will demand that businesses change their practices and policies because they simply don't want to be associated with a company or product that is unethical or gives off a bad impression.
This customer-led social responsibility can be managed from the top down, but it is more often the result of new technologies emerging from the bottom up. The customer influence on business is already evident in today's market - for instance, when power companies have customers vote on whether or not to build wind farms. These technologies take our influence to another level, as we can vote on what type of power plant our utility provider should build!
In Conclusion...
The future of business will continue to be in flux, but there are a few things that we know for certain. One is that businesses will face new pressures as they try to meet the needs of both their customers and their shareholders. Another is that businesses need to become flexible and adaptable to change.
The changes in the future don't have to be frightening - if you take these 4 steps, adapting your business will become much easier. You'll know how to make appropriate investments, how to design for your customer, and how to manage this growing trend of social responsibility.